Guyana’s Natural Resource Fund (NRF) received US$246 million (GY$51.3 billion) in revenue from oil sales in June, government data shows.
The funds were paid for three lifts of Guyana’s crude entitlement from the ExxonMobil-operated Stabroek Block.
The NRF received:
- US$81.6 million (GY$17 billion) on June 10 for a May 11 lift of crude from the Liza 2 project
- US$80.8 million (GY$16.8 billion) on June 27 for a May 28 lift of crude from the Payara project
- US$83.73 million (GY$17.5 billion) on June 27 for a May 29 lift of crude from the Liza 1 project
With 25 lifts of crude expected for Guyana in 2024, the government reported sales for 15 lifts in the first half of the year. Each lift contains approximately one million barrels.
With continued higher than expected production, Guyana could receive more lifts than it projected in 2024. Of the US$2.08 billion projection for government revenue from oil sales this year, the NRF has received US$1.22 billion.
The Fund received no royalties in June. The last such payment was in April, and the next is expected in July. Of US$319.9 million projected, the NRF received US$162.4 million.
Up to June, Guyana received US$1.38 billion of the US$2.4 billion in revenues from oil sales and royalties expected in 2024. Its projections are based on an expectation of approximately 552,000 barrels per day (b/d) oil production from the Stabroek Block this year, though average production in the first five months was 619,000 b/d.
All revenues are derived from crude oil production at the Stabroek Block. The three projects in production are Liza 1, Liza 2 and Payara. Three additional projects are on track to come on stream in 2025, 2026 and 2027. They are expected to lift current production to more than double by 2027.
ExxonMobil is the operator with a 45% stake, while Hess (30%) and CNOOC (25%) are its partners.
